Home Insurance prices are set to soar by the end of the year, according to the Irish Brokers Association (IBA).

Premiums are set to increase by between 10% and 15% .

Brian McNelis, Director of General Services at the Irish Brokers Association, said re-insurers have suggested that rates will increase on home insurance premiums over the next quarter.

He said: "This is unsurprising given the catastrophic weather conditions which have been experienced all over the world of late, in particular those suffered by Japan and New Zealand, all of which have a significant impact on the wider insurance market which in turn has a ripple effect on the domestic market in the form of higher premiums."

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Those whose renewal dates are reached before the increases will benefit from lower rates. However, there are also steps available that affected homeowners can take to negate the impact of the price hikes.

The rates may rise by 10% to 15% and while there is nothing homeowners can do to stop this there are measures that can be taken to ensure that people are getting the best value.

"For instance, a lot of people are over insured on their property and under insured on their contents.

"This should be looked at. Also, people who bought home insurance from the banks when they were initially taking out their mortgage tended to insure at the purchase price as opposed to the reconstruction costs.

"Savings can now be made as these costs are now less and have come down significantly from the peak. Insurance companies will not reduce sums insured unless instructed by the homeowner or their broker," said Mr McNelis.

Another recommendation from the IBA to homeowners is to seek the expertise of a broker who can scour the market in search of the best value for money.

"Most people don't have the time or the inclination to ring the various insurers looking for the best value. A broker has the capacity to do this at the push of a button which will allow home owners to make an informed decision as to which provider they will go with."

(LB/BMcC)